Shri Paswan says new investment to raise ethylene capacity
29 Sep '07
2 min read
The Minister for Steel, Chemicals and Fertilisers Shri Ram Vilas Paswan has said that Rs. 36,000 crore investment is likely to be made in the Petrochemical sector during next five years.
The Minister was speaking after releasing “National Policy on Petrochemicals”. He said the investment will increase ethylene capacity, the basic raw material for the industry, from the current level of 2.7 million tonnes to 6.9 million tonnes.
Expressing hope that the Policy will help India to become a major global sourcing center in Petrochemicals and Plastics, the Minister said that the implementation of Assam Gas Cracker project with an investment of Rs. 5460 crore an ethylene capacity of 2.20 lakh tonnes per annum is being monitored by the Ministry.
The Minister said that domestic petrochemical industry employs about 3.4 lakh persons both in upstream as well as downstream processing industry and has high potential to generate employment to the tune of 3.3 million more people during the 11th Plan.
The Policy resolution aims to increase investments in the sector, capture a slice of resurgent Asian demand in polymers, creating quality infrastructure to ensure value addition and increase exports.
The other objectives include to increase the domestic demand and consumption of plastics and synthetic fibres and to increase the use of petrochemicals in thrust areas.
The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg as compared to the existing world average of 25 kg. per capita.
marketing@alchempro.com
